Want to Make Irregular Payments? Do You Need More Advanced Calculation Options?

This calculator allows you to enter an initial lump-sum extra payment along with extra monthly payments which coincide with your regular monthly payments. We also offer three other options you can consider for other additional payment scenarios.

  • Biweekly Payment Method: Please see our bi-weekly mortgage calculator if you are using biweekly payments to make an effective 13th monthly payment.
  • Extra Payments In The Middle of The Loan Term: If you start making extra payments in the middle of your loan then enter the current loan balance when you started making extra payments and set the loan term for however long you have left in the loan. For example, if you are 3.5 years into a 30-year home loan, you would set the loan term to 26.5 years and you would set the loan balance to whatever amount is shown on your statement. If you do not have a statement to see the current balance you can calculate the current balance so long as you know when the loan began, how much the loan was for & your rate of interest.
  • Irregular Extra Payments: If you want to make irregular extra contributions or contributions which have a different periodicity than your regular payments try our advanced additional mortgage payments calculator which allows you to make multiple concurrent extra payments with varying frequencies along with other lump sum extra payments.

For your convenience current Los Angeles mortgage rates are published underneath the calculator to help you make accurate calculations reflecting current market conditions.

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By default 30-yr fixed-rate loans are displayed in the table below. Filters enable you to change the loan amount, duration, or loan type.

When you sign on for a 30-year mortgage, you know you’re in it for the long haul. You might not even think about trying to pay off your mortgage early. After all, what’s the point? Unless you’re doubling up on your payments every month, you aren’t going to make a significant impact on your bottom line – right? You’ll still be paying off your loan for decades – right?

Not necessarily. Even making small extra payments over time can shave years off your loan and save you thousands of dollars in http://www.signaturetitleloans.com/payday-loans-sd/ interest, depending on the terms of your loan.

Early Loan Repayment: A Little Goes a Long Way

One of the most common ways that people pay extra toward their mortgages is to make bi-weekly mortgage payments. Payments are made every two weeks, not just twice a month, which results in an extra mortgage payment each year. There are 26 bi-weekly periods in the year, but making only two payments a month would result in 24 payments.

Instead of paying twice a week, you can achieve the same results by adding 1/12th of your mortgage payment to your monthly payment. Over the course of the year, you will have paid the additional month. Doing so can shave four to eight years off the life of your loan, as well as tens of thousands of dollars in interest.

However, you don’t have to pay that much to make an impact. Even paying $20 or $50 extra each month can help you to pay down your mortgage faster.

If you have a 30-year $250,000 mortgage with a 5 percent interest rate, you will pay $1, each month in principal and interest alone. You will pay $233, in interest over the course of the loan. If you pay an additional $50 per month, you will save $21, in interest over the life of the loan and pay off your loan two years and four months sooner than you would have.